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A BILL TO BE ENTITLED
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AN ACT
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relating to a request by the owner of an ownership interest in a |
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domestic entity that the interest be uncertificated. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter E, Chapter 3, Business Organizations |
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Code, is amended by adding Section 3.206 to read as follows: |
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Sec. 3.206. REQUEST BY OWNER OF AN OWNERSHIP INTEREST THAT |
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THE INTEREST BE UNCERTIFICATED. A domestic entity that is required |
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by law or its governing documents to issue shares based on |
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certificated and uncertificated ownership interest is not in |
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violation of the law or its governing documents for failure to issue |
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a certificated share of ownership to an owner if the owner has |
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specifically made a request before the issuance of the shares that |
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the ownership interest be uncertificated. |
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SECTION 2. This Act applies only to the issuance of shares |
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by a domestic entity on or after the effective date of this Act. |
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SECTION 3. This Act takes effect September 1, 2011. |